Para 7.2.39 — MSO (Audit)
Original Rule Text
7.2.39 It will be necessary to maintain the Abstract of Objections under this alternative as well. This Abstract and the Adjustment Register will be closed on the 8th of the second succeeding month as laid down in paragraph 7.2.32. The closing entries will be made in the final sheet of the Objection Statement on its return from the treasury.
# Mandate
- CHAPTER–3 Preparation of Audit Reports
What This Means
Even when the combined Objection Statement system (Para 7.2.37) is used instead of a separate Objection Book, the Abstract of Objections must still be maintained. Both the Abstract and the Adjustment Register must be closed by the 8th of the second month following the period — for example, January's entries are closed by the 8th of March. The final closing entries are recorded in the last sheet of the Objection Statement when it returns from the treasury.
This explanation was generated with AI assistance for educational purposes. Always refer to the official gazette notification for authoritative text.
Key Points
- 1The Abstract of Objections is mandatory even under the combined statement system
- 2The Abstract and Adjustment Register are closed on the 8th of the second succeeding month
- 3Closing entries are made in the final sheet of the Objection Statement upon its return
- 4This follows the same timeline prescribed in Para 7.2.32
Practical Example
An audit office using the combined Objection Statement system processes February's adjustments. By 8th April (the 8th of the second succeeding month), the Section Officer closes the Abstract of Objections and the Adjustment Register for February. When the Objection Statement for that Drawing Officer comes back from the treasury in late April, the closing entries for February are recorded on its final sheet.
This explanation was generated with AI assistance for educational purposes. Always refer to the official gazette notification for authoritative text.
Frequently Asked Questions
Why is the deadline the 8th of the second succeeding month?▼
Does adopting the combined system reduce any record-keeping requirements?▼
This explanation was generated with AI assistance for educational purposes. Always refer to the official gazette notification for authoritative text.